On behalf of one of its managed funds, Transwestern Investment Group and S2 Capital have acquired Oak Creek Apartments in Bedford, Texas, which is in the Dallas-Fort Worth metro market, for an unspecified price. The 464-unit property is one of the largest Class B communities in the suburban area between Dallas and Fort Worth, according to Transwestern, which brokered the deal.
The 61-building property at 1611 Oak Creek Lane is 92 percent occupied. The renovation plan includes upgrading 80 percent about of the units’ interior finishes. Also, TIG and S2 Capital plan on renovating the leasing center, fitness center and clubhouse.
Transwestern’s managing director Taylor Snoddy and vice presidents Philip Wiegand and James Roberts represented the seller in the transaction. The deal represents a value-add acquisition for the buyer and is the first multifamily purchase of the fund.
Investors are eager to be in the DFW metro apartment market. A recent survey of commercial real estate investors by CBRE ranked the metro area as one of the top two target markets for investment among Americas metros, second only to Los Angeles/Southern California. Cited by 20 percent of investors, multifamily was most attractive property type after industrial in the same survey.
“The survey confirms an important shift in investor interest from established core markets to markets with high-growth fundamentals,” said John Alvarado, senior vice president, CBRE Capital Markets’ Institutional Properties. “This trend should benefit Dallas, which remains as one of the nation’s highest growth markets.”